After the so-called Volcker rule was proposed last month — the idea being to separate banking functions from private equity, hedge fund and proprietary trading — the big question was whether firms like Goldman Sachs and JPMorgan Chase would give up their bank charters to avoid the rules. Unlike Citigroup and Bank of America, Goldman and Morgan are traders first, banks second. So any plan to limit prop trading in banks could hinder their operations.

At the time, Goldman said no way. They plan to remain in the banking biz — despite the fact that the company only became a bank to save itself during the financial collapse.

Now, former Federal Reserve Chairman Paul Volcker is saying they’d better choose. In an interview with the Financial Times he lays it out as clear as day: “The implication for Goldman Sachs or any other institution is, do you want to be a bank?” Volcker said in the video. “If you don’t want to follow those [banking] rules, you want to go out and do a lot of proprietary stuff, fine, but don’t do it with a banking license.”